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Brexit's impact on Tourism - Thematic Research
Companies that reside within the travel and tourism industry need to actively prepare and reformulate their plans in preparation for Brexit. The current state leaves an array of factors that have the potential for drastic effects on all sectors within the industry. Due to the continual rejection of Theresa May's deal and now her resignation from office, followed by a potential Conservative Leadership contest, the likelihood of a potential No deal' situation continues to come into play, thus business, DMOs, local authorities and governments alike have an urgency to prepare for what is ahead.
With no clear picture yet emerging as to what Brexit will ultimately look like - No Deal'; May's Deal; Single Market; Customs Union; deals of the kind secured by Norway and Canada - the tourism industry tries to prepare for every outcome yet remains at a standstill'.
The United Kingdom dominates European countries' international arrivals in 2018, and vice versa, both acting as the leading source markets for each destination. A total of 55.9 million Brits visited Europe whilst 24.7 million Europeans (68% of total arrivals) traveled to the UK.
Biggest potential losers that will be affected by each Brexit scenario reflect on areas of the UK that currently receive EU funding direct into the British economy. Funding opportunities currently reflect and enhance quality standards, marketing strategies, development processes and regeneration for destinations within the UK through EU funding.
The current situation reflects on the UK's relationship with the EU enabling free movement between destinations, with monitoring processes such as border control, security, safety regulations and management of air traffic already in place. Nonetheless, the fundamental issue is that within the current situation, time is limited as an alternative decision must be made by not later than October 31st.
New developments, employee workforce, general health and safety followed by food standards all impact the current situation for the hospitality sector and the impending outcomes of Brexit.
- This report provides an analysis of Brexit and its potential impact on the travel & tourism sector.
- It explores different Brexit scenarios and assesses their possible effects on travel & tourism.
- It takes a detailed look at the macroeconomic and regulatory concerns associated with Brexit.
- The report looks at the potential winners and losers for different Brexit scearios.
- It assesses what Brexit could mean for airlines, hotels, travel services operators, and destinations.
Reasons to buy
- Understand the different Brexit scenarios that remain 'in play'
- Understand how travel & tourism could be affected by these different scenarios.
- Learn about the potential impact for players in the hotels, airlines and travel services industries, as well as for destinations.
- Identify key macroeconomic and regulatory concerns associated with Brexit.